Fitch Lowers Emerging Market Growth Outlook
Downward revisions of several growth forecasts, particularly for emerging market commodity producers, will impact global economic prospects going forward, according to ratings agency Fitch.
A major slowdown in emerging market growth could significantly impact breakbulk shipments across the globe.
The forecasts are published as part of Fitch’s Global Economic Outlook report, and while they paint a gloomy picture for many sectors the report’s authors note that the growth outlook is “considerably above” global recession territory.
“The investment slowdown in China and sharp expenditure compression in major commodity producing countries continue to reverberate around the world economy,” said Brian Coulton, Fitch chief economist.
Brazil, Russia and South Africa are the emerging markets likely to be hardest hit by a slowdown. Across all emerging markets, growth for 2016 is now expected to be 0.4 percent lower at 4.0 percent.
“With emerging markets at the epicenter of these shocks and now accounting for 40 percent of world GDP it is legitimate to ask whether the world will see, for more or less the first time in recent history, an emerging market led global recession. However, we believe several factors mitigate this risk,” Coulton said.
Photo: Decline in growth could affect breakbulk operators. credit: Wikimedia
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